Gujarat Pipavav Port has raised INR3.5bn ($63.7m) to fund the repayment of existing loans and expansion plans of the port, Seatrade Asia online reports.
The INR3.5bn was raised through a mix of qualified institutional placement and preferential issue of shares.
The infusion will be used for repayment of the existing loans which will enable it to tie up funds for its INR10.97bn expansion, the company said in a statement.
Funds from qualified institutional placement were raised through a clutch of investors such as Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund, and Jardine Fleming.
The preferential issue of shares were issued to promoter APM Terminals.
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